MSNBC has a story about how Spam, everyone’s favorite canned meat, is making somewhat of a comeback due to the declining economy. Apparently, those squeezed by the tight economy precipitated the mortgage crisis, gas prices, and other issues are finding the canned meat product to be an affordable alternative to “real” meat.

It doesn’t have to be this way, however. Though times are certainly tough, and the mortgage and credit markets are tight, there are ways to avoid having to eat Spam for every meal. The first thing to do is to get your credit and debt issues straightened out. It’s not easy (I’m just a poor student myself), but getting out of debt is one of the best things you can do for your financial life. Getting out of debt is not easy, but by following a few simple principles, you can work your way to financial freedom.

Firstly, stop buying stuff you can’t afford. Sounds simple, but you’re never going to get out of debt of you keep busting out that credit card every chance you get. If you need need to cut them up, so be it, but if you want to stop eating that Spam, you’re going need to develop some self discipline. Once you do this, you can focus on slowly playing off the debt. The best way to accomplish, in my opinion, is begin by devoting as much spare cash possible to the credit line with the highest interest rate. Once you pay this, you can move on to the next highest one, and so on until you begin to eliminate your debt entirely.

Even if you love Spam, remember that you’ll still be able to buy it when you’re sitting on some savings instead of a massive ball of debt. Even if the recession has hit you hard, you can still come out ahead if you practice smart financial habits. I’m not going to make this into a personal finance blog, but I’ve studied the subject a fair amount, and I wanted to share a few tips with you all after reading the story. Stayed tuned for more here in the near future.